Range Resources reveals rise in revenues and oil production

Range Resources said on Friday revenues for the last half of 2012 jumped 53 per cent on the back of increased oil production.

Range Resources said on Friday revenues for the last half of 2012 jumped 53 per cent on the back of increased oil production.

The oil and gas company reported revenues of $15.7m, up from $10.2m a year earlier, driven by a 60% increase in oil and liquids production to 164,693 barrels.

The group narrowed its post-tax losses by 15% to $9.6m for the period as the company announced a 29% rise in proved, provable and possible (3P) net attributable reserves across three onshore Trinidad licences.

A recent reserves report revealed a 30.5m barrels increase in total unrisked net prospective resources across the company's licences to 40.5m barrels.

During the period, the firm's Lower Forest development programme on the Morne

Diablo licence in Trinidad reached record peak production of 1,000 barrels of oil per day, a 120% jump since acquisition.

Strong operational performance was also achieved in prospects in Texas, Columbia, Puntland, Guatemala and Georgia.

Shares fell 6.64% to 4.22p at 11:26 Friday.

RD

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